Federal Deficit Hits October Record of $176 Billion

Records keep being broken and none of them good.

The U.S. budget deficit for October surged to $176 billion, a record for the month, the Treasury Department announced today.

During the month, the government racked up $311 billion in outlays compared with $135 billion in receipts.

The October numbers mark the first month for the new fiscal year after the U.S. wrapped up the 2009 fiscal year that ended on September 30 with a record-high $1.4 trillion budget deficit due to increased government spending to stop the recession and the financial crisis. The final deficit for the 2009 fiscal year was equal to 10 percent of the nation's GDP, the highest shortfall relative to GDP since 1945, the final year of World War II.